Cash Handling

Cash requires clear accountability for deposit in a timely manner and custodianship
to safeguard it. A department must be authorized by the Controller's Office before
engaging in any business activities, including cash handling.

What is Cash?

Cash includes but is not limited to:

Currency

Checks

Credit/Debit Cards

Electronic Funds

Internal Controls

The Credit and Accounts Receivable Office is responsible for overseeing cash handling
and ensuring that adequate internal controls are in place in authorized departments
to protect and secure the University's assets. In an effort to maintain an effective
system of internal controls, departments authorized to handle cash are subject to
audits at any time.

Documentation – The department must establish written procedures describing its cash handling practices.

Cash Handling Responsibility – The cash handling responsibility is to be assigned to a single individual, the
Cash Custodian.

Separation of Duties – It is critical that the responsibility for the physical security of assets is separate
from the responsibility for related record keeping. There must be a separation of
duties between staff responsible for receiving and depositing cash versus the staff
responsible for the accounting records.

Recording Cash Received – A system must be in place to record the receipt of cash at the time it is received.

Balancing – Cash receipts are to be balanced daily to the sales records.

Cash Security – Cash should be physically protected from loss at all times. Any thefts must be
immediately reported to the Public Safety Department and the Cash Custodian's supervisor.

Routine Reconciliation – Routine reconciliation is required monthly at a minimum to ensure that all cash
sales are recorded properly.